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Plastic Market Size Estimated To Worth $754.3 Billion By 2027 With A CAGR 3.5%: Grand View Research Inc.

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Plastic Market Size Estimated To Worth $754.3 Billion By 2027 With A CAGR 3.5%: Grand View Research Inc.

April 22
12:13 2020
Plastic Market Size Estimated To Worth $754.3 Billion By 2027 With A CAGR 3.5%: Grand View Research Inc.

Grand View Research, Inc. – Market Research And Consulting.
Increasing automotive production and subsequent rise in plastics consumption in automotive component fabrication because of regulatory policies pertaining to vehicular weight reduction and fuel efficiency will drive the plastics market over the forecast period.

The global plastics market size is expected to reach USD 754.3 billion by 2027, according to a new report by Grand View Research, Inc., progressing at a revenue-based CAGR of 3.5% during the forecast period. Increasing automotive production and subsequent rise in plastics consumption in automotive component fabrication because of regulatory policies pertaining to vehicular weight reduction and fuel efficiency will drive the plastics market over the forecast period. Plastics facilitate fuel saving in automotive applications on account of reduced car weight and density as compared to conventional materials such as metals or rubber.

Since the last decade, there has been a substantial demand for the products as replacement for metals and ferrous alloys across various industries such as consumer goods, automotive, and industrial machinery. The growth of the plastic market criticality lies on various factors such as ever-increasing requirement of end users in terms of product specification and versatility influencing consumption dynamics. Other factors such as socio-political, production process, and feedstock availability events also have a significant impact on industry trends.

Rapidly developing construction and automobile markets in Asia Pacific will increase the demand for plastics in interiors, exteriors, and under hood components. Its major applications include under hood components in the automotive industry, building interior and exteriors in the construction and infrastructure industries, and various applications in electronics and durables.

Asia Pacific is likely to witness the highest growth in the construction industry across the globe, wherein China is at the forefront of the growth. Growing population coupled with rapid industrialization and urbanization in emerging economies have influenced regional governments to increase their construction spending in order to cater to growing infrastructure needs. Increasing construction spending by governments, particularly in China and India, will fuel the demand in infrastructure and construction applications.

Plastics are also witnessing substantial growth in the pipes and fittings segments on account of their lightweight, long life span, corrosion resistance, and reduced cost structures.

Get Details For “Sample Report, TOC, Segmentation & methodology of Plastic Market” Click Link Below:
https://www.grandviewresearch.com/industry-analysis/global-plastics-market

U.S. plastics market size, by product, 2016 - 2027 (USD Billion)

Further key findings from the report suggest:

  • Raw materials used in plastic include hydrocarbon fuels (coal, natural gas and crude oil), salt, and sand. PE production in North America is dependent mainly on natural gas, which is available at a very low cost in the region. PE producers in the region are, thus, highly competitive

  • Automotive is the fastest growing application segment in the global arena during the forecast period. Increasing incorporation of plastics as opposed to metals and alloys in automotive components has been a major factor contributing to the growth of the segment

  • Polyether Ether Ketone is expected to witness a CAGR of 6.4% in terms of volume during the forecast period. They are widely used in engineering applications owing to their characteristics, which include being colorless and organic

  • PVC is one of the major plastic constituents in various building materials and construction activities. The plastic is modified as per requirement to meet structural designs and application specifications.

Would you Like to Take a Look On “Sample Report” of Plastic Market Click the Link Below:

https://www.grandviewresearch.com/industry-analysis/global-plastics-market/request/rs1

Global plastics market share, by application, 2019 (%)

Have Any Query? Ask Our Experts @ https://www.grandviewresearch.com/inquiry/589/ibb

Grand View Research has segmented the global plastics market on the basis of product, application, and region:

Plastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • Polyethylene (PE)

  • Polypropylene (PP)

  • Polyurethane (PU)

  • Polyvinyl chloride (PVC)

  • Polyethylene terephthalate (PET)

  • Polystyrene (PS)

  • Acrylonitrile butadiene styrene (ABS)

  • Polybutylene terephthalate (PBT)

  • Polyphenylene Oxide (PPO)

  • Epoxy Polymers

  • Liquid Crystal Polymers

  • Polyether ether ketone (PEEK)

  • Polycarbonate (PC)

  • Polyamide (PA)

  • Polysulfone (PSU)

  • Polyphenylsulfone (PPSU)

  • Others

Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • Packaging

  • Construction

  • Electrical & Electronics

  • Automotive

  • Medical Devices

  • Agriculture

  • Furniture & Bedding

  • Consumer Goods

  • Others

Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Poland

  • China

  • Asia Pacific

    • India

    • Japan

    • Southeast Asia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE

    • Oman

Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/global-plastics-market


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